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From the Opalesque Team:

Louis-Frederic de Pfyffer, co-manager of the fund of hedge funds Heritage Total Return at the Geneva-based bank Heritage told Swiss daily Le Temps in a recent interview that 2009 was a transitional year for hedge funds, that the second half of 2009 would be better than the first half, and that alternative investment managers would produce much better quality risk-adjusted performance in the coming years.

He also believes that current economic circumstances are creating opportunities for macro strategies and that emerging markets such as China will take on the economic leadership. There is also certainly a shortage in commodities, including energy, metals and grains and prices do not reflect this reality. "We cannot print commodities like we print money," he said.

As a result, his FoHFs, which bases its investment process on fundamental analysis, is now focusing on the themes of macro-economic disequilibrium and commodities and is looking into underlying managers with strong macro views. The portfolio contains additional strategies which take advantage of opportunities among credit instruments.

Heritage, like a number of industry players that have been on the scene for a few years, is changing its strategies to adapt to the current environment. Joseph Dryer, joint CEO ......................

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